Is it like the DM Rabbit, kill a rare boss and random 1 out of the raid will win it? I am praying it is not... though from the little I have found on the subject people are guessing it is going to be just like the rabbit.

Also if you haven't heard Moon Moon actually has a pretty neat back story before coming to WOW. Hannabev already linked it from the comments section of the Moon Moon page. Pretty funny stuff if you haven't seen it. So if you see someone saying "Dammit Moon Moon..." you'll know the story!!

According to responses to this same question on the official forums, on the PTR Moonfang was a Timeless Isle-style rare spawn. I.e., approximately 60 minute respawn, no tagging, everyone gets personal loot.

As much as I'm sick of camping rares, the shared tag is the best thing ever. I just hope Moonfang has a limited spawning zone because unless she's packing some serious HP, the poor thing is going to be mauled and it's never fun to run like crazy only to find a dead mob.

Also, roughly 45 mins later after killing Moonfang, the small wolves started spawning again, so the spawn timer for her is probably in the same ballpark than the spawn timer of most elites in Timeless Isle.

Ok, one thing worth noting: after we killed her the second time, I got no loot whatsoever. This made me think you can loot her only once per day. But luckily, it seems I'm wrong as my guildie got a drop from the 2nd kill too.

Apparently, you can get the quest item only once per day/week, but the vanity items on every kill. Or this I hope.

Just killed her on EU. Got the pelt (quest item, 10 prize tickets) and some Moonfang mount thing. Says "Requires Darkmoon Faire" and it doesn't go into the mount list when used, so will have to wait and see if it disappears next Sunday.